Obama signs historic finance reform bill

Conspirator
User avatar
Posts: 2316
Joined: Tue Dec 30, 2008 10:23 pm

PostThu Jul 22, 2010 12:29 pm » by Rich316


He's not a reptilian, he's probably not part of any NWO either.. Seems like he's taking steps to ensure you guys dont get bent over by the banks... Cant be a bad thing, can it?

Let me guess, there must be an ulterior motive right? He's setting you up so he can fuck you over later on yes? nah... he's doing the right thing under the circumstances he's in.

http://www.skynews.com.au/topstories/article.aspx?id=488424&articleID=1618112

President Barack Obama on Wednesday signed into law the most sweeping reform of the US finance industry since the 1930s, promising US taxpayers would no longer get the bill for Wall Street excess.

The legislation, which some Republicans have pledged to repeal, introduces new consumer protections, checks the power of big banks and cracks down on deceptive practices by credit card firms.

'Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes. There will be no more tax-funded bailouts,' Obama promised.

Seeking to restore public confidence in his economic leadership as unemployment flirts with double digits, Obama said the bill would repair the fractures and abuses of which the financial meltdown was born.

'It was a crisis born of a failure of responsibility from certain corners of Wall Street to the halls of power in Washington,' said Obama, before adding the legacy-boosting law to his huge health care reform passed earlier this year.

'These reforms represent the strongest consumer financial protections in history,' Obama said, before signing the new law, passed by Congress last week.

'These protections will be enforced by a new consumer watchdog with just one job: looking out for people -- not big banks, not lenders, not investment houses.'

The financial reform bill finally squeezed through Congress with just a handful of Republican votes, as the opposition party continued with its policy of trying to block Obama's ambitious reform program at all costs.

Republican leaders on Wednesday condemned the new law, saying it would crimp growth, and handcuff the might of America's financial titans.

Republican National Committee chairman Michael Steele accused Obama of trying to convince 'sceptical Americans that he is doing everything he can to lower unemployment'.

'President Obama has signed into law a 2300 page behemoth that will saddle the business community with innumerable unintended consequences, tighter credit, and countless job-killing regulations,' Steele said.

Obama, facing record low approval ratings in some polls, hopes the financial reforms will eventually become popular, but much of the bill, like the health care bill, is so complicated that it will not come into force for months.

For instance, it will be up to a year before a new Consumer Financial Protection Bureau is set up to protect American consumers from hidden fees and deceptive lending practices when they get a new mortgage or credit card.

It could be 18 months before new regulations emerge to stop banks from engaging in impermissible proprietary trading and investment in hedge funds -- under the Volcker rule, named after former Federal Reserve chief Paul Volcker.

In a bid to highlight the help the bill will grant to the middle classes, Obama was joined at the signing ceremony by several Americans who suffered unfair treatment at the hands of credit card firms and banks.

The legislation closes loopholes in regulations and requires greater transparency and accountability for hedge funds, mortgage brokers and payday lenders, as well as arcane financial instruments called derivatives.

The measure has drawn praise but also scepticism from economists and analysts.

The bill 'addresses a number of key weaknesses in the US financial regulatory structure that led to the financial meltdown in 2008 and early 2009,' said Brian Bethune at IHS Global Insight.

But Diane Swonk at Mesirow Financial warned that much of the impact is not known.

'We will have more regulators overseeing -- but not necessarily averting -- risk, and with a bill so large and undefined, we are likely to get more, in terms of unintended than intended consequences, going forward,' she said.

The law is likely to generate heated debate ahead of congressional elections in November as Republicans call for its reversal.

House Republican leader John Boehner said recently the law 'ought to be repealed' and replaced with 'common-sense things that we should do to plug the holes in the regulatory system.'

Super Moderator
User avatar
Posts: 11948
Joined: Thu Apr 09, 2009 9:30 pm

PostThu Jul 22, 2010 12:52 pm » by TheDuck


'Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes. There will be no more tax-funded bailouts,' Obama promised.


Shouldn't he have done that before he screwed everyone over with the original bailout?

How can you trust someone who has lied once yet alone multiple times...
www.Vigusto.com - Premium E-liquid

"The Truth Cannot Be Told... It Must Be Realized"

Conspirator
User avatar
Posts: 2316
Joined: Tue Dec 30, 2008 10:23 pm

PostThu Jul 22, 2010 2:22 pm » by Rich316


theduck wrote:
'Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes. There will be no more tax-funded bailouts,' Obama promised.


Shouldn't he have done that before he screwed everyone over with the original bailout?

How can you trust someone who has lied once yet alone multiple times...


Maybe that was out of his hands? Either way, he's an angel compared that other bastard you put in office previously.

Super Moderator
User avatar
Posts: 11948
Joined: Thu Apr 09, 2009 9:30 pm

PostThu Jul 22, 2010 2:26 pm » by TheDuck


rich316 wrote:
theduck wrote:
'Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes. There will be no more tax-funded bailouts,' Obama promised.


Shouldn't he have done that before he screwed everyone over with the original bailout?

How can you trust someone who has lied once yet alone multiple times...


Maybe that was out of his hands? Either way, he's an angel compared that other bastard you put in office previously.


Not me I'm British and have never voted, I don't vote for muppets lol

No point in making the effort to go and vote for someone who you know won't get in either, not that I can even name and decent British candidates :?
www.Vigusto.com - Premium E-liquid

"The Truth Cannot Be Told... It Must Be Realized"

Super Moderator
User avatar
Posts: 11948
Joined: Thu Apr 09, 2009 9:30 pm

PostThu Jul 22, 2010 2:34 pm » by TheDuck


www.Vigusto.com - Premium E-liquid

"The Truth Cannot Be Told... It Must Be Realized"

Conspirator
User avatar
Posts: 2360
Joined: Tue Jul 28, 2009 12:43 pm

PostThu Jul 22, 2010 3:31 pm » by Electrobadgr


As far as i know, all the control of the american banks go to the Federal Reserve. I have heard first hand that this is the case from Senior banking executives through my job. You are deluding yourself if you believe that this legislation is really for the benefit of the people.

Look deeper
"People assume that time is a strict progression of cause to effect, but *actually* from a non-linear, non-subjective viewpoint - it's more like a big ball of wibbly wobbly. time-y wimey... stuff." - The Doctor

Conspirator
User avatar
Posts: 2360
Joined: Tue Jul 28, 2009 12:43 pm

PostThu Jul 22, 2010 3:40 pm » by Electrobadgr


http://www.bbc.co.uk/news/business-10654128
15 July 2010 Last updated at 22:24
Share this page

*
* Twitter
* Share
* Email
* Print

Sweeping US financial reform passed by Senate

President Obama: "There will be no more taxpayer-funded bailouts"

The US Senate has given final approval to the biggest overhaul of American financial regulation in decades.

The reforms are intended to avert a repeat of the 2008 crisis that brought the world economy to the brink of collapse.

The Senate vote is a major victory for President Barack Obama and comes after months of political wrangling.

Speaking afterwards, Mr Obama said the new regulation would give the strongest consumer protection in history.

He said the American people would never again be asked to foot the bill for Wall Street's mistakes.
Analysis
Continue reading the main story
image of Paul Adams Paul Adams BBC News, Washington

After long months of debate, the US Congress has finally given President Obama what he wants - the most sweeping financial reforms since the Great Depression.

After healthcare reform, it represents another significant legislative victory for Mr Obama.

Eyeing the US mid-term elections, the White House said "this will be a vote that Democrats will talk about through November".

But the party in power may struggle to make political capital out of a 2,300 page bill, stuffed with 533 new regulations.

An Ipsos Public Affairs poll found that 38% of Americans had never heard of the bill, while another 33% knew almost nothing about it.

Given this apparent lack of understanding about a bill which one of its authors, Senator Chris Dodd, said would ensure that Americans "never, ever again go through what the nation has been through", the polling suggests the connection between arcane Washington politicking and Main St reality is simply too wide.

Senators approved the reform bill by 60 votes to 39. It was passed by the US House of Representatives earlier this month.

The reforms are designed to reduce the risks that banks take and to boost protection for consumers. They include new government powers to break up any company that becomes so big its failure could threaten the economy.

Mr Obama said it would bring an end to "shadowy deals".

"Even before the financial crisis that led to this recession, I spoke on Wall Street about the need for common sense reforms to protect consumers and our economy as a whole," he said.

"But the crisis came, and only underscored the need for the kind of reform that the Senate passed today. The kind of reform that will protect consumers when they take out a mortgage or sign up for a credit card, reform that will prevent the kind of shadowy deals that led to this crisis, reform that would never again put taxpayers on the hook for Wall Street's mistakes."

Moments after the vote, Federal Reserve chairman Ben Bernanke said: "The financial reform legislation approved by the Congress today represents a welcome and far-reaching step toward preventing a replay of the recent financial crisis."

Do any of you really trust a word this cunt says? :badair:
Consumer protection

The legislation has been described by US Treasury Secretary Tim Geithner as "the most sweeping set of financial reforms since those that followed the Great Depression".

The legislation creates a new federal agency designed to oversee consumer lending and outlines new regulations for complex financial instruments.

To this end, it will set up a powerful consumer financial protection bureau, with powers to clamp down on abusive practices by credit card companies and mortgage lenders.

Large banks will also be required to increase the amount of capital they hold in reserve against loans going bad.

However, they will only be forced to do so after five years, as the government is keen that banks do not hold back on lending money during the economic recovery.

The bill also introduces the so-called Volcker rule - named after the former Federal Reserve chairman Paul Volcker, who proposed it.

Banks will be banned from what is called proprietary trading - effectively taking bets on financial markets using its own money.

They will also be limited to investing a maximum of 3% of their capital in speculative businesses such as hedge funds or private equity funds.
----------------------------------------------------------------------------------------

Lets not forget, the Fed controls the flow of money so the buck stops with them in terms of the "recession". The "bankers" took the heat for the fed, so now we think the Fed is doing us a favour? Saving us from the tyrannical bankers? get real. This bill is in no way intended to benefit the public.
"People assume that time is a strict progression of cause to effect, but *actually* from a non-linear, non-subjective viewpoint - it's more like a big ball of wibbly wobbly. time-y wimey... stuff." - The Doctor

Conspirator
User avatar
Posts: 2360
Joined: Tue Jul 28, 2009 12:43 pm

PostThu Jul 22, 2010 3:45 pm » by Electrobadgr


http://wiseasserpents.com/whats-in-the- ... l-reserve/

What’s in the Financial Reform Bill? International Harmonization Through All Powerful Federal Reserve
Posted 19 April 2010 | Financial World,Wise as Serpents TV News
Image
The right for the Fed to seize financial institutions including bank holding companies, insurance companies, and large pension funds.

The power to control all oversight of those institutions which not only gives them the power to seize and liquidate them, but also to decide without checks and/or balances when to do so with no questions asked.

The ability to force credit ratings agencies to rate as they deem fit along with the right to share confidential information about private financial institutions with international and foreign agencies without fear of being subject to confidentiality agreements.

And of course, included is the power to force America’s financial system into accord with international law, including signing into international treaties that supersede state law, taking input from international agencies and central banks so as to report back to Congress where proper legislation can then be passed in order to ensure that legislation including but not limited to agriculture, nutritionist, and forestry is passed so as to keep America’s laws running parallel to regulations within the international community.
"People assume that time is a strict progression of cause to effect, but *actually* from a non-linear, non-subjective viewpoint - it's more like a big ball of wibbly wobbly. time-y wimey... stuff." - The Doctor

Super Moderator
User avatar
Posts: 18179
Joined: Thu Jul 22, 2010 4:20 am
Location: underneath the circumstances

PostThu Jul 22, 2010 4:03 pm » by The57ironman


theduck wrote:
'Because of this law, the American people will never again be asked to foot the bill for Wall Street's mistakes. There will be no more tax-funded bailouts,' Obama promised.


Shouldn't he have done that before he screwed everyone over with the original bailout?

How can you trust someone who has lied once yet alone multiple times...




:flop: :flop:
.

....remember....the authorities are working hard to keep you feeling helpless...

.

Conspirator
Posts: 1812
Joined: Sat Jun 23, 2007 10:23 am

PostThu Jul 22, 2010 4:05 pm » by Thesaint


Stable door, horse has bolted. A toothless gesture (as usual) :cheers:


Next

  • Related topics
    Replies
    Views
    Last post
Visit Disclose.tv on Facebook